Demonetization & its effects on Real Estate
The real estate sector in Kolkata has evolved steadily over the past few years, with developers realising the need to align themselves with market forces. This will augur well for home buyers as well as genuine developers.
When something is appreciated (like technology adoption or fund mobilisation), people start following it. That is how this industry is evolving. The market dynamics also force us to evolve. Nowadays, design aspect is taken seriously. Earlier, when market conditions were good, no one focused on the creative part and anything got sold.
Merlin Group has always focused on quality. The management had a vision – “Home for every Indian” which was sought 3 decades earlier. Fortunately the same has become the vision of our honourable PM, Mr. Narendra Modi who narrated “House for All” as his vision.
Earlier it was a developer-driven market but today buyers have a stronger voice and we have no choice but to listen to them. Once you start understanding the requirements of the consumers, you start shifting to best practices. Things are moving in the right direction. The downturn has made us more conscious and we are adopting the best practices available in the market. There has been a positive impact in the mind of the salaried segment of Kolkata due to an end user market and slashed home loan interest rates.
Merlin Group has always believed in having a transparent approach the reason why the trust factor is high with the Consumers. That is the reason why we did not see much of the slow movement as per the sales is concerned in the last 2 months.
Over the past few decades, Kolkata, the ‘City of Joy’, has witnessed significant infrastructure development and redevelopment. Now, with the real estate market in the main city area reaching a saturation point, fresh developments are taking place along the city’s boundaries. The development of the metro and improvements in the road connectivity has given a fillip to these peripheral areas.
The realty market in Kolkata is witnessing a steady recovery in certain locations, mainly in the periphery, spurring the demand for residential housing. We have been focussing on this. Few mention worthy in this context are Salt Lake Sec V – Merlin 5th Avenue, BT Road – Merlin Maximus and Howrah – Merlin Waterfront, projects which offer quality and luxurious living along with fast-growing civic and social infrastructure.
Experts point out that Rajarhat is gaining prominence, owing to the rapidly growing IT sector in the area. This area blends history with modern amenities, making it a sought-after location for home seekers in Kolkata.
Benefits of investing in properties around Kolkata’s periphery
- Property prices are recovering, after a period of sluggish demand.
- Work is in progress for providing metro connectivity to areas like Rajarhat.
- Road connectivity to Kolkata’s peripheral areas is good.
- The region has 24-hour water and electricity supply.
- Metro connectivity also has a strong impact in decision making.